Vertex Energy, a leading environmental services company that recycles industrial waste streams and off-specification commercial chemical products, today announced its financial results for the fourth quarter and full year ended December 31, 2011.
Fourth quarter revenue increased nearly 100 percent to $31.3 million for 2011 compared with $15.7 million in revenue reported for the fourth quarter of 2010.
Gross profit was $1.31 million compared with $1.48 million during the fourth quarter of 2010.
Income from operations was $235,829 compared with $510,205 during the fourth quarter of 2010.
Net income was $2.1 million compared to $467,280 in last year's fourth quarter; $1.8 million of this increase is attributable to the tax benefit stemming from the net operating losses related largely to the World Waste Technologies merger.
Vertex' sales volumes improved 29 percent in the fourth quarter of 2011 compared to the fourth quarter of 2010.
"While the fourth quarter income results were behind last year's fourth quarter, we are entering the new year in a position of strength. We believe improvements will continue into 2012, and expect the first quarter 2012 to outperform the first quarter of 2011," Benjamin P. Cowart, CEO of Vertex stated in the press release.
Full-year 2011 revenues increased 89 percent to $109.7 million for the year ended 2011 compared with $58.1 million in 2010.
Gross profit increased to $8.1 million, a 90 percent increase over the $4.2 million reported in 2010.
Income from operations improved 247 percent to $4.0 million, compared with $1.1 million reported last year.
Net income improved to $5.8 million or $0.39 per fully diluted share, compared with net income of $1.2 million, or $0.09 per fully diluted share, reported in 2010; net income for the 2011 year includes a $1.8 million tax benefit, primarily stemming from the company's net operating losses related to the 2009 World Waste Technologies merger.
Company-wide sales volumes increased 26 percent over 2010.
According to Cowart, Vertex is moving through 2012 with "relatively no long-term debt, significantly increased cash flow, and advantageous market conditions" as the company continues to explore strategic acquisitions for further growth.
For more information on the company visit www.vertexenergy.com
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